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 September 26, 2006
Galway Announces More Encouraging Results from Confirmatory Drilling Program

 
Vancouver, British Columbia: September 26, 2006 - Galway Resources Ltd. (GWY: TSX-V) is pleased to announce assay results from four more holes at Indian Springs.

Diversified Drilling has completed the 2006 reverse circulation 20-hole (7,179 feet) drilling program at Indian Springs, of which, assay results have been received from the first 10 holes. The results from the first six holes were reported by the Company on August 29, 2006. Highlights of the most recent results include:
  • Ore grade intercepts from surface: Drill Hole R06-108 intersected from surface 110 feet of 0.22 % WO3, with the first 50 feet averaging 0.33% WO3.

  • New zones of mineralization: Both holes, ISR06-107 and -110 intersected previously unknown mineralized zones at depth.

  • High grade intercepts: Drill hole ISR06-110 intersected 40 feet of 0.60% WO3 and also had a 25 foot intercept of 0.58% WO3.
"It is certainly encouraging to receive ore-grade mineable intercepts that validate the 82,000 feet of historical drilling from the 336 holes that were drilled over the years. We continue to believe that this project has the potential to be developed into economically viable open-pit tungsten mine," stated Robert Hinchcliffe, CEO of Galway Resources.
-----------------------------------------------------------------------
Hole ID                       From       To      Interval       WO3%
                                                  (Feet)     Fusion/XRF
-----------------------------------------------------------------------
ISR06-107                       60      140            80        0.205
                              -----------------------------------------
380 feet TD                    140      175            35        0.130
                              -----------------------------------------
Twins UCW-72
 (open percussion)             300      335            35        0.167
-----------------------------------------------------------------------
ISR06-108                        0      110           110        0.224
                              -----------------------------------------
450 feet TD         including    0       40            40        0.326
                              -----------------------------------------
Twins UCW-65
 (open percussion)             175      195            20        0.180
                              -----------------------------------------
Twins I-9
 (open rotary)                 350      380            30        0.211
-----------------------------------------------------------------------
ISR06-109                        0       35            35        0.181
                              -----------------------------------------
250 feet TD                     60      165           105        0.178
                              -----------------------------------------
Twins UISC-15
 (core)             including   65      100            35        0.229
-----------------------------------------------------------------------
ISR06-110                       30      125            95        0.279
                              -----------------------------------------
450 feet TD         including   85      110            25        0.576
                              -----------------------------------------
Twins UCW-60
 (open percussion)             205      235            30        0.253
                              -----------------------------------------
                               285      325            40        0.601
-----------------------------------------------------------------------
Results from the most recent four holes are shown in the table provided above. All of the four holes were twins designed to test the validity of various phases of historic drilling, and some were extended to test previously un-drilled portions of the deposit. The new holes compare well with the previous core hole and with the upper portions of the open percussion holes. The four holes listed above were drilled vertically to twin the historic holes. They generally cross the mineralized zones at 20-30 degrees from perpendicular. As such, the true thickness of the mineralized zones would be 85-90% of the intercept intervals shown.

To see a map showing the current drilling program relative to where historical holes have been drilled click here:
(http://www.galwayresources.com/i/pdf/IndianSpringsDrillPlanMap.pdf).
For cross section 63 click here:
(http://www.galwayresources.com/i/pdf/IndianSpringsSection63LNE.pdf),
For cross section 64 click here:
(http://www.galwayresources.com/i/pdf/IndianSpringsSection64LNE.pdf), and to see
cross section 65 click here:
http://www.galwayresources.com/i/pdf/IndianSpringsSection65LNE.pdf

Additionally, K & L Drilling has begun a core drilling program on the property and they have drilled 403 feet in two holes. Plans are to complete an additional 3,000 feet in 10 holes by the end of October. The purpose of both the RC and core programs is to collect material for metallurgical testing and verify the historic data for which QA/QC information is unavailable.

Current Tungsten Pricing
After trading between $45- $75 per short ton unit (as reported by Metal Bulletin and the United States Geological Service) during the 1980s and 1990s, the significant decrease in exports from China served as the impetus for prices to rise sharply at the end of 2004. Since October of 2005, tungsten prices have remained above $250 per short ton unit, with current pricing above $260 per short ton unit. Note, one short ton unit is equal to 20 pounds of WO3.

About Indian Springs
The Indian Springs Tungsten Property, located in northeastern Nevada (25 miles north of Montello), is an advanced stage exploration property that has been inactive since the early 1980's due to low tungsten commodity prices. The project represents an opportunity for Galway Resources to bring a historical advanced exploration property to current and compliant resource definition and scoping level study (preliminary assessment) in a 3 to 4 month time frame with expected expenditures projected to be less than US$1 million.

The most current reserve, carried out by Utah International in 1984 (internal Company documentation), stated a reserve of 8.85 million tons @ 0.257% WO3 at a 0.17% cutoff and a strip ratio of 4.8. Additionally, Utah International also reported a reserve of 21.94 million tons @ 0.179% WO3, at a 0.10% cut-off grade and a strip ratio 1.3. These historical reserve numbers should not be relied upon as they have not been classified according to CIM resource/reserve categories. There is insufficient documentation to categorize the historical "reserves" and therefore to reconcile them with current NI 43-101 resource/reserve categories. While current NI 43-101 compliant resources and/or reserves are not established for Indian Springs, Galway considers the project data to be substantial and relevant. Indications are that resource estimation is achievable using the large amount of existing historical drill data.

About the Company
Galway is a mineral exploration company focused on developing three recently acquired advanced exploration projects that are located in the United States. Collectively the three projects have 300,000 feet of historical drilling done on the projects. All three projects are located in the United States, in states that have a history of mining and are well situated with regards to existing infrastructure. The company has successfully compiled all the historical data on both projects and has recently commenced a drilling program at the Indian Springs tungsten project and expects to begin drilling at the Victorio molybdenum-tungsten project in the early Fall.

QA/QC Statement
The Company has implemented a quality assurance and quality control (QA/QC) program to ensure collection and analysis of all drill samples is conducted in accordance with the best possible practices. Samples are stored in a secured area in Montello prior to transfer to lab personnel for shipping to the Chemex sample preparation facility in Elko, Nevada. Duplicate samples are collected for all intervals and retained for future metallurgical work or assay verification. Other QA/QC procedures include the insertion of blanks and control samples every 100 feet, and re-assaying duplicate pulps of 5% of all samples and 10% of samples assaying greater than 0.1% WO3. All duplicate samples are re-assayed at both Chemex and at a certified independent laboratory (SGS). WO3 is assayed at the Chemex Vancouver laboratory by two methods: (1) lithium borate fusion with an XRF finish and (2) pressed pellet XRF.

The results of the Company's current drilling program have been reviewed, verified (including sampling, analytical and test data) and compiled by the Company's geological staff (which includes a "qualified person," Bob Morrell, CPG, the Company's Vice President of Project Development, for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects, of the Canadian Securities Administrators).

The Company has implemented a quality assurance and quality control (QA/QC) program to ensure collection and analysis of all drill samples is conducted in accordance with the best possible practices. Samples are stored in a secured area in Montello prior to transfer to lab personnel for shipping to the Chemex sample preparation facility in Elko, Nevada. Duplicate samples are collected for all intervals and retained for future metallurgical work or assay verification. Other QA/QC procedures include the insertion of blanks and control samples every 100 feet, and re-assaying duplicate pulps of 5% of all samples and 10% of samples assaying greater than 0.1% WO3. All duplicate samples are re-assayed at both Chemex and at a certified independent laboratory (either SGS or American Assay). WO3 is assayed at the Chemex Vancouver laboratory by two methods: (1) lithium borate fusion with an XRF finish and (2) pressed pellet XRF.

Bob Morrell is Galway's Qualified Person responsible for the activities at Indians Springs and has reviewed the technical content of this news release. Galway is following the "Best Practices Guidelines" in documenting, reporting, and conducting exploration activities at Indian Springs.

For further information contact:

Galway Resources Ltd.


Robert Hinchcliffe
President and Director
1-800-475-2412

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.

Forward Looking Statements:


Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to the completion of transactions, the timing and amount of payments and share issuances, the completion of financings, the use of proceeds, future exploration, development and production activities and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete contemplated transactions, payments, share issuances and financings, the use of proceeds, the time and success of future exploration, development and production activities and the timing and amount of expenditures.


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